Bitrabo Editorial
A significant surge in losses due to hacks was observed in the crypto industry during the month of May. According to a report by Peckshield, hackers managed to steal a total of $385 million, making it the highest recorded loss tally in 2024 so far. This emphasizes the ongoing challenge of safeguarding digital assets and the need for robust security measures within the crypto space.
Notable Increase in Crypto Losses in May
Peckshield reported approximately 30 hack cases in May 2024, culminating in a substantial rise in crypto losses. The most significant incident involved the hack of Japanese crypto exchange DMM Bitcoin, resulting in the loss of over 4,500 Bitcoin valued at $305 million. This hack marked the largest of the month and is currently the second-largest crypto hack in Japan following the 2018 Coincheck breach.
Another notable hack targeted the Gala Games crypto gaming project, where hackers were able to mint 5 billion GALA tokens worth about $212 million. Despite this, Gala Games managed to mitigate the losses to around $22.4 million through prompt security measures. Additional hacks on Sonne Finance and a Coinbase account drain incurred losses of $20 million and $18 million, respectively. In total, hackers stole $575 million but profited only $385 million following Gala Games’ recovery.
The surge in assets stolen in May, totaling $575 million, signifies a 666% increase compared to the $60 million lost in April. This alarming trend shows a 2,300% surge from the $14.6 million losses recorded in May 2023, underscoring the urgent need for enhanced security measures in the digital asset industry.
Overview of the Crypto Market
Despite the tumultuous events in the crypto space, the market remained relatively stable, with minor fluctuations observed among major assets in the last 24 hours. The total crypto market cap experienced a modest 0.65% increase on Sunday, reaching $2.54 trillion. Bitcoin, the dominant player, saw a marginal gain of 0.11%, currently valued at $67,812. Similarly, Ethereum and BNB recorded slight improvements with daily gains of 0.31% and 0.35%, respectively.